Während viele Investoren dazu neigen, bei der Aktienallokation an Large Caps und Small Caps zu denken, sollten sie unserer Meinung nach auch Mid Caps in Betracht ziehen. Sowohl die historische Performance als auch die Sektordiversifizierung legen nahe, dass Mid Caps einen Platz im breiteren Portfolio eines Anlegers haben sollten.
Obwohl viele Anleger bei ihren US-Aktienallokationen an Large Caps gegenüber Small Caps denken, gibt es ein Marktsegment, das tendenziell weitgehend übersehen wird: die Mid Caps. Im europäischen ETF-Bereich haben Investoren mehr als 220 Milliarden US-Dollar in US Large Cap-ETFs gesteckt, während Mid Cap-Strategien nur 1,4 Milliarden* US-Dollar angezogen haben.
Wir sind der Meinung, man sollte dem Mid Cap-Bereich mehr Aufmerksamkeit schenken und nennen dafür zwei Hauptgründe: Performance und Diversifizierung.
Langfristig bieten Mid Caps tendenziell höhere risikobereinigte Renditen als Large Caps und Small Caps. Und selbst in absoluten Zahlen, wenn wir die rollierenden 5-Jahres-Renditen seit dem Start des Index im Jahr 1995 betrachten, hat der S&P MidCap 400 Index den S&P 500 in 73 %** der Zeiträume übertroffen. Die Abbildung 1 veranschaulicht diese Ergebnisse.
Anleger, die weiterhin in US-Aktien investieren möchten, aber wegen der Konzentration auf Technologiewerte innerhalb des S&P 500 Index beunruhigt sind, können auch den S&P MidCap 400 Index als Möglichkeit zur Diversifizierung ihres Engagements nutzen.
Der S&P MidCap 400 Index ist weitaus diversifizierter als der S&P 500, wobei der größte Sektor, die Industrieunternehmen, nur 18,3 % des Index ausmachen. Die Gewichtung des Technologiesektors ist massiv reduziert und macht nur 14,3 % des Gesamtindex aus, verglichen mit mehr als einem Viertel der Gewichtung im S&P 500. Der Mid-Cap-Index ist auch viel stärker in anderen zyklischen Sektoren engagiert, wobei der Finanzsektor mit 15,8 % und der zyklische Konsumgütersektor mit 14,6 % den zweitgrößten Anteil ausmachen. Der Abbildung 2 können Sie einen vollständigen Vergleich der Sektorgewichtungen des S&P MidCap 400 Index und des S&P 500 Index entnehmen.
Aufgrund dieser geringeren Gewichtung des Technologiesektors und der höheren Gewichtung der stärker zyklisch ausgerichteten Sektoren könnte der S&P MidCap 400 Index besser positioniert sein, um eine Outperformance zu erzielen, wenn die valueorientierte und zyklische Rotation im weiteren Verlauf des Jahres weiter an Fahrt gewinnt.
Anleger können über den SPDR S&P 400 U.S. Mid Cap UCITS ETF, den größten und kostengünstigsten in Europa verfügbaren S&P MidCap 400 ETF, ein Engagement im S&P MidCap 400 Index aufbauen. Um mehr über diesen ETF zu erfahren und die vollständige Performance-Historie zu sehen, besuchen Sie bitte die Fondsseite.
Quelle: Morningstar Direct, Stand: 31. März 2021. Die Wertentwicklung der Vergangenheit ist keine Garantie für zukünftige Erträge.
Quelle: FactSet, Stand: 31. März 2021. Die Sektorgewichtungen beziehen sich auf das angegebene Datum und sollten nicht als aktuell angesehen werden.
European-Domiciled ETP Segment Flows (Top/Bottom 5, $mn)
European-Domiciled ETP Asset Category Flows ($mn)
Source: Bloomberg Finance L.P., for the period 31 March – 8 April 2021. Flows are as of date indicated and should not be relied upon as current thereafter. This information should not be considered a recommendation to invest in a particular sector or to buy or sell any security shown. It is not known whether the sectors or securities shown will be profitable in the future.
*Quelle Morningstar Direct zum 31. März 2021
**Quelle: State Street Global Advisors, Morningstar Direct, Stand: 31. März 2021
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For Investors in Austria: The offering of SPDR ETFs by the Company has been notified to the Financial Markets Authority (FMA) in accordance with section 139 of the Austrian Investment Funds Act. Prospective investors may obtain the current sales Prospectus, the articles of incorporation, the KIID as well as the latest annual and semi-annual report free of charge from State Street Global Advisors GmbH, Brienner Strasse 59, D-80333 Munich. T: +49 (0)89-55878-400. F+49 (0)89-55878-440.
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For Investors in Switzerland
The collective investment schemes referred to herein are collective investment schemes under Irish law. Prospective investors may obtain the current sales prospectus, the articles of incorporation, the KIID as well as the latest annual and semi-annual reports free of charge from the Swiss Representative and Paying Agent, State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstr. 19, 8027 Zurich, as well as from the main distributor in Switzerland, State Street Global Advisors AG, Beethovenstrasse 19, 8027 Zurich. Before investing please read the prospectus and the KIID, copies of which can be obtained from the Swiss representative, or at spdrs.com.
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